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CRYPTO FUND IN LUXEMBOURG


CRYPTO FUND IN LUXEMBOURG

Updated on Thursday 16th February 2023


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The crypto fund is available for registration in Luxembourg starting with 2021.
Investors who want to open an investment fund in Luxembourg as a crypto fund can
choose only certain categories of investment vehicles.
 
The law regulating the crypto fund in Luxembourg is established by the Financial
Sector Supervisory Authority (CSSF), which has issued in 2022 a guidance
regarding the virtual currency investments and the types of assets considered
crypto assets. 
 
If you need further assistance, our team of financial advisors is ready to
provide more details; they can also help you in the formalities of registering a
crypto fund in Luxembourg. 
 


WHAT IS THE LAW APPLICABLE TO LUXEMBOURG CRYPTO FUNDS? 

 
For those who want to open a fund in Luxembourg as a crypto vehicle, the same
law will apply, regardless of the nationality of the founders. In the list
below, you can find out some of the basic rules investors should be aware of: 
 
 * crypto activities fall under the scope of the Financial Sector Law (law of 5
   April 1993);
 * obligations can also appear from the law of 10 November 2009 regulating
   payment services;
 * investments in crypto funds must also respect the law on undertakings for
   collective investments (Luxembourg law of 17 December 2010);
 * the law on alternative investment fund managers – the AIFM Law of 12 July
   2013 also applies;
 * investors must obey the rules of the Prospectus Law, issued on 16 July 2019. 

 
Only after the prospectus and the offering document are fully analyzed by the
CSSF, the fund can be officially registered in the registration files of the
institutions. When the documents are submitted, the CSSF may ask for additional
papers throughout the entire examination period of the Luxembourg SICAR or of
other funds that must present their prospectus.  
 
When the prospectus/offering document are approved, the CSSF will send back the
stamped documents using the electronic platforms of the institution. 
 


WHAT VEHICLES ARE SUITABLE FOR A CRYPTO FUND IN LUXEMBOURG?

 
Luxembourg is the home of the largest variety of investment fund types.
Depending on the investment activity, some funds are more recommended than
others. 
 
Our team can offer advice on all investment fund types; our financial
representatives can also be of help in presenting the main vehicles you should
use for a crypto fund in Luxembourg;
 
According to the document issued by the CSSF in January 2022, investors can use
the alternative investment fund for investments in crypto activities. The fund
can be used for direct or indirect investments. 
 
There is also the obligation to have an AIFM appointed to represent the fund, as
per the current law. The fund manager must obtain an approval from the CSSF
before starting the investment activities. 
 
Please mind that the crypto fund in Luxembourg can’t operate as a UCITS or UCIs,
following the Article 1(20b) of the Law of 12 November 2004. Direct or indirect
investments in crypto assets concluded through these funds are not allowed. 
 


WHAT IS THE TAX SYSTEM APPLIED TO VIRTUAL CURRENCIES IN LUXEMBOURG? 

 
Regardless if you want to open a UCITS in Luxembourg or another type of fund,
you will be liable to taxation. The same happen if you will open a crypto fund
in Luxembourg. 
 
The activities and the income obtained from crypto currencies operations are
taxed in Luxembourg, and the taxation system differs based on the nature of the
crypto user (corporate entity or individual). 
 
For instance, corporate entities can be charged for the income obtained from
crypto operations with the corporate income tax and the municipal business tax,
which can lead to an overall tax of 24.94%. 
 
For individuals obtaining income from crypto operations, the personal income tax
system will apply and this will lead to a progressive taxation based on the
income, ranging from 0% to 42%.  
 
There is also a VAT exemption, following the rules of the Circular No. 787
issued in June 2018; the exemption applies if the crypto currency is used as a
method of payment.  
 
If you need legal assistance on how to register a crypto fund in Luxembourg, do
not hesitate to contact our team of financial advisors. Our specialists can help
both local and foreign investors in opening a Luxembourg fund. 
 
If you need assistance for the registration of these funds, as well as any
further information on the registration of the SOPARFI in Luxembourg, you can
always rely on our team. 
 
Our representatives can help you in any legal matter concerning the
incorporation of any investment vehicles that can be registered under the local
law, as well as on the tax obligations imposed throughout a financial year.  
 
 
 

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TESTIMONIALS


The financial experts working at StartLuxembourgFund.com can assist investors in
registering any of the investments funds that are available under the local
legislation and can also represent high net worth individuals (local citizens
and foreign nationals) in protecting their assets.
Vlad Cuc , Director of BridgeWest (www.bridgewest.eu)
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 * Home
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